Nearly three out of four Americans start their Social Security retirement benefits at age 62. What many people don’t realize is that there is a hidden penalty for some retirees who can’t resist early-bird Social Security benefits. Younger Baby Boomers will have to absorb a greater financial hit for claiming benefits at age 62 than older retirees.
Retirement planning has changed over the last decade. There is a lot more to retirement planning today than simply saving money. Millions of Americans worry they will not have enough money to live comfortably once they stop working. The decisions you make today will have an impact on how you live tomorrow. There are many issues to consider as you approach retirement. How much should you save each year while working? At what age should you stop working? Should you work part-time for a while?